Digging Deep into Camp’s Plan
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More on the Camp plan: TPC on hidden taxes, corporate taxes, and carried interest. TPC’s Len Burman delves into the marginal rate increases in House Ways and Means Chairman Dave Camp’s tax plan. Joe Rosenberg looks at the surprising temporary boost in corporate income taxes. Steve Rosenthal explores how it would treat private equity as a business and tax carried interest as ordinary income.
If Amazon builds it, Colorado would collect it (taxes, that is). The Supreme Court now expects states and retailers to work out their differences regarding sales tax collection by out-of-state businesses. Colorado’s attempt with H.B. 1269, once referred to as the “Amazon tax,” introduced this week, would now require sales tax collection by Amazon (or other online sellers) only if it builds a warehouse (or creates other physical presence) in the state—similar to Florida’s law. This year Amazon added Indiana, Nevada and Tennessee to the states in which it will collect sales tax. There are now a total of 19 states, home to over half of U.S. residents.
Home is where tax-filing is. The IRS reports a near 7 percent increase over last year in tax returns e-filed by those using a home computer. That’s almost 22 million out of 46.6 million e-filers—or about 47 percent—thinking about taxes from the comfort of their couches.
Speaking of couches… Enjoy the weekend. We’ll see you Monday with more tax policy news.